Crude Palm Oil On MCX Settled Up By 0.94% At 514

Crude palm Oil on MCX settled up by 0.94% at 514 due to pickup in demand in the spot market. Further, restricted supplies from producing belts too added support to crude palm oil prices’ uptrend. Exports of Malaysian palm oil products for Jun 1-15 fell 3.4%, cargo surveyor Societe Generale de Surveillance said. Malaysia palm oil exports jumped to 555,116 tons during June 1-15 compared to 574,548 tons for the same period a month ago.

Palm oil imports fell by 28 per cent to 657,454 tonnes in May, in view of higher stock availability and sluggish summer demand, industry body Solvent Extractors’ Association (SEA) said. India, the world’s leading vegetable oil buyer, had imported 907,347 tonnes of palm oil in May last year. Palm oil make up more than 65 per cent of the country’s total vegetable oil imports. In last few months, there has been a sharp rise in the import of cheap RBD palmolein.